MedMen seeks $250 million raise for marijuana private equity fund

Marijuana management firm MedMen is aiming to raise $250 million to invest in cannabis businesses in the California, Nevada and New York markets.

The fund, called MedMen Opportunity Fund II, is going to specifcially target plant-touching companies, including retailers and growers, Bloomberg reported.

The fund will also look particularly at tourist destinations, including Los Angeles, Las Vegas and New York City.

Those behind the fundraising push believe it’s a solid time to invest, in large part because “assets are cheaper because of the risk, and fewer investors are willing to get into the space,” Bloomberg reported.

The minimum buy-in for investors is $3 million, according to Bloomberg.

MedMen’s management group and pair of existing funds already own or run 11 MJ businesses, including eight dispensaries, two cultivation operations and a manufacturing facility.

The company also completed a $60 million fundraising investment round last year, though its stated goal last June was $100 million.